A new survey by Hewitt Associates shows that companies are spending less on pay raises and variable pay awards in 2010 than they originally anticipated, but they are more optimistic about the future.
Base salary increases for salaried exempt workers were 2.4% in 2010 – down from what employers originally projected in August 2009 (2.7%), but still higher than the record-low pay raises workers saw in 2009 (1.8%). However, for salaried exempt workers, salaried nonexempt workers and executives, Hewitt’s survey shows base pay increases of 2.9% in 2011, and nonunion hourly and union employees can anticipate salary increases of 2.8%.
Full story: Salary Increases to Rebound Slightly in 2011 – PLANSPONSOR.com
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